Kuehne + Nagel International, the Swiss logistics company, has been fined $3.1 million plus costs for its part in the so-called “Gardening Club” freight forwarding cartel case brought by the Commerce Commission after an investigation begun seven years ago. Kuehne + Nagel was the last defendant in the case involving six firms, who referred to themselves as the “Gardening Club” …

New Zealand stocks fell for a second day, following Wall Street lower as a global tech sell off continued. Xero led the benchmark index lower, while Diligent Board Member Services, Wynyard Group, SLI Systems and GeoOp all fell. The NZX 50 Index declined 44.284 points, or about 0.9 percent, to 5031.56. Within the index, 29 stocks fell, 10 rose and …

The New Zealand dollar gained as volatility in equity markets failed to spill over into foreign exchange, and the kiwi remained an attractive buy on the prospect of higher interest rates later this month. The kiwi rose to 86.30 US cents at 5pm in Wellington from 86.03 cents at 8am and 85.92 cents yesterday. The trade-weighted index advanced to 80.52 from 80.31. Traders are …

Postie Plus Group, whose stock has dropped 42 percent in the past 12 months, has met an extended deadline to post its first-half results, reporting a wider loss on supply chain disruptions and tough trading conditions for clothing retailers. The net loss was $3.8 million in the six months ended Feb. 2, from a loss of $1.8 million a year earlier, …

Blue Sky Meats has strengthened ties with China, its largest market by volume and value, after two Auckland-based businessmen paid a premium for 11 percent of the unprofitable meat processor. Cook Huang and Qiang Zheng acquired the Blue Sky holding from Danish casings company DAT-Schaub Group for $2.33 million, or $1.80 a share in an off market share transfer, according …

Receivers for Mainzeal Property & Construction and Mainzeal Living recovered some $28.3 million from asset sales and recoveries in their first 12 months and made payments of $26.5 million, including settling outstanding wages and distributing surplus funds to the liquidators. Bank of New Zealand, which was owed $11.3 million as secured creditor of the Mainzeal companies, appointed PwC’s David Bridgman …

Chorus, the telecommunications network operator, has lost a bid to dismiss a Commerce Commission determination setting the price for services on its copper lines. The High Court turned down the Wellington-based company’s attempt to have the regulator’s initial pricing principle set aside, and for the commission to redo the process after its first decision ordered Chorus to slash prices for …

Steel & Tube, which manufactures steel products, plans to buy the local division of India’s Tata Steel Group for $27.5 million. The Lower Hutt-based company plans to buy Tata Steel International Australasia on April 14, acquiring its stainless and engineering steel distribution business and composite steel floor manufacturing, Steel & Tube said in a statement. “Together we are further strengthening our …

The New Zealand dollar held its ground against a declining US dollar ahead of a business confidence survey today which is likely to show continued momentum in the local economy. The kiwi edged up to 86.03 US cents at 8am in Wellington from 85.92 cents at 5pm yesterday. The trade-weighted index was little changed at 80.33 from 80.31 yesterday. The US dollar …

Wall Street slid as investors locked in profits on tech stocks such as Yahoo! and LinkedIn as the latest corporate earnings season is about to start. In afternoon trading in New York, the Dow Jones Industrial Average shed 0.88 percent, the Standard & Poor’s 500 Index fell 1.23 percent, while the Nasdaq Composite Index dropped 1.80 percent. Declines in Pfizer …